I’m fifty pages into Prophet of Innovation[1], the bio of Schumpeter by Thomas McCraw, preparing for a podcast with McCraw. Enjoying it very much so far. McCraw claims that the marginalism insights of the Austrian School were a genuine intellectual revolution that paved the way for business to lower price in hopes of exploiting lower marginal costs due to economies of scale. Not sure it’s true but it’s an interesting claim. Looking forward to the discussion of the role of entrepreneurship. The interview is about two weeks away, so feel free to read the book in advance and send me any questions you might for McCraw. Here[2] is McCloskey’s thoughtful review (HT: Greg Mankiw[3]).